Advertisement

Header Utility Menu

  • Subscribe
  • Advertise
  • Contact Us
  • Events

LinkedIn Facebook Twitter Instagram Get Our App

Virginia Business

Mobile Menu

  • Issues
  • Industries
    • Banking/Finances
    • Business Law
    • Commercial Real Estate
    • Economic Development
    • Education
    • Energy/Green
    • Government
    • Healthcare
    • Hotels/Tourism
    • Insurance
    • Ports/Trade
    • Small Business
    • Technology
  • Regions
    • Central Virginia
    • Eastern Virginia
    • Northern Virginia
    • Roanoke/New River Valley
    • Shenandoah Valley
    • Southern Virginia
    • Southwest Virginia
  • Reports
    • Best Places to Work
    • Business Person of the Year
    • CEO Pay
    • Coronavirus 2020
    • Fantastic 50
    • Generous Virginians Project
    • Legal Elite
    • Maritime Guide
    • Site Locator
    • The Big Book
    • Virginia CFO Awards
  • Company News
    • For the Record
    • People
  • Opinion
  • Lists
  • Awards
    • Virginia 500
    • Legal Elite
    • CFO Awards
    • Big Book of Lists
    • 100 People To Meet
    • Best Places To Work
  • Virginia 500
    • Read the issue
    • Order a copy
    • Buy an award plaque
    • Nominate execs for 2021

Advertisement

Header Primary Menu

  • Issues
    • January 2021
    • December 2020
    • November 2020
    • October 2020
    • September 2020
    • Issues Archive
  • Industries
    • Banking/Finances
    • Business Law
    • Commercial Real Estate
    • Economic Development
    • Education
    • Energy/Green
    • Government
    • Healthcare
    • Hotels/Tourism
    • Insurance
    • Ports/Trade
    • Small Business
    • Technology
  • Regions
    • Central Virginia
    • Eastern Virginia
    • Northern Virginia
    • Roanoke/New River Valley
    • Shenandoah Valley
    • Southern Virginia
    • Southwest Virginia
  • Reports
    • Best Places to Work
    • Business Person of the Year
    • CEO Pay
    • Coronavirus 2020
    • Fantastic 50
    • Generous Virginians Project
    • Legal Elite
    • Maritime Guide
    • Site Locator
    • The Big Book
    • Virginia CFO Awards
  • Company News
    • For the Record
    • People
  • Opinion
  • Lists
  • Awards
    • Virginia 500
    • Legal Elite
    • CFO Awards
    • Big Book of Lists
    • 100 People To Meet
    • Best Places To Work
  • Virginia 500
    • Read the issue
    • Order a copy
    • Buy an award plaque
    • Nominate execs for 2021

Home News Norfolk buys Military Circle Shopping Mall for $11M

Norfolk buys Military Circle Shopping Mall for $11M

The city plans to redevelop the area for mixed-use development

Published May 1, 2020 by Sydney Lake

Photo courtesy The City of Norfolk

The Norfolk Economic Development Authority (EDA) announced Friday it approved a plan for the city to purchase the Military Circle Shopping Mall for $11 million to redevelop the mall and surrounding area for mixed-use development.

“The Military Circle corridor is the crossroads of the Hampton Roads region,” Norfolk Mayor Kenneth Cooper Alexander said in a released statement. “The acquisition of this site is strategic for the city and allows us to not only bolster economic development but to address resilience challenges by concentrating future development in this area.”

The most recent property assessment values the site at over $41.1 million, according to the EDA. An affiliate of Norfolk-based Harbor Group International facilitated the sale.

In 2014, the Norfolk EDA purchased the former JCPenney store on an outparcel of the mall (highlighted in yellow in photo) for $2.3 million and redeveloped the 200,000-square-foot building into an office building, which is now 100% leased. The purchase announced Friday includes the remaining mall property and its surrounding outparcels (shown in green).

A state-funded study released in 2017 showed that there is potential for more than 6,000 housing units and 16 million square feet of development in the Military Circle corridor (the area that includes Military Circle Mall, Military Highway and Norfolk International Airport), and the city has been planning to use this space for mixed-use development.

“This acquisition will accelerate our efforts to redevelop this corridor bringing new jobs and quality new development while increasing the city’s tax base,” EDA Executive Director Jared Chalk said in a statement.

 

Subscribe to Virginia Business.

Get our daily e-newsletter.

Trending

Chase apologizes to Va. Senate 'if I offended any one of you'; censure still in play

$125M pharma manufacturing plant coming to Petersburg

Initial unemployment insurance claimants by county and city weeks ending Jan. 16 over Jan. 9 change. Green shows a decrease of 1 to 50, yellow shows a decrease of 1 to 50 claimants and red shows an increase of claimants. Graphic courtesy Virginia Employment Commission

Va. unemployment claims remain high, but new claims drop

Local officials slam Northam administration's COVID vaccine rollout

Photo courtesy UPS

UPS to sell Richmond-based freight biz for $800M

Sponsored Stories

The Hottest Topic in 2021: Keeping People Connected

5 Financial Steps to Start the New Year Right

What is Supply Chain Management?

2021 Outlook: Evaluating an Unpredictable Year Ahead

Human Capital Development: Your Company’s Sure Bet For Success

Advertisement

Advertisement

Trending

Chase apologizes to Va. Senate 'if I offended any one of you'; censure still in play

$125M pharma manufacturing plant coming to Petersburg

Initial unemployment insurance claimants by county and city weeks ending Jan. 16 over Jan. 9 change. Green shows a decrease of 1 to 50, yellow shows a decrease of 1 to 50 claimants and red shows an increase of claimants. Graphic courtesy Virginia Employment Commission

Va. unemployment claims remain high, but new claims drop

Local officials slam Northam administration's COVID vaccine rollout

Photo courtesy UPS

UPS to sell Richmond-based freight biz for $800M

Sponsored Stories

The Hottest Topic in 2021: Keeping People Connected

5 Financial Steps to Start the New Year Right

What is Supply Chain Management?

2021 Outlook: Evaluating an Unpredictable Year Ahead

Human Capital Development: Your Company’s Sure Bet For Success

Get Virginia Business directly on your tablet or in your mailbox!

Subscribe to Virginia Business

Advertisement

Advertisement

Footer Primary Menu

  • virginiabusiness.com
  • Subscribe
  • Advertise
  • About Us
  • Contact Us

Footer Secondary Menu

  • Industries
  • Regions
  • Reports
  • Company News
  • Events

Sign Up For Our Newsletter

Sign Up

LinkedIn Facebook Twitter Instagram Get Our App

Privacy Policy Cookie Policy

Footer Utility Menu

Copyright © 2021 Virginia Business. All rights reserved.

Site Maintained by TechArk